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ohhhhh, land where my fathers died,@ land of the pilgrims' pride, from every mouainside, let freedom ring! ♪ >> glenn: welcome to the "glenn beck program." last night was historic! for several reasons. it was the biggest party turnover in the house in more than 70 years. the establishment is on the run. i mean the establishment in many ways. try this on for size. fox dominated the ratings
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with 7 million viewers last night. 7 million viewers. what was the next closest? was it cnn with like 2 or 2.5? it was sad and pathetic. a clear message has been sent. the establishment is over. and the tea party is a force to be reckoned with in washington. what do they want? they want small government. according to exit polls, two out of every three g.o.p. votes came from tea party. for out of every ten were tea party voters. i didn't you had any control, any power. i have thought you were just crazy and racist. why would you vote? the establishment figures were dropping like flies. three-term senator russ feingold lost to a guy with no political experience whatsoever. he is a business guy who spent $8 million of his own fortune to get involved. so what was the message that the president and the democrats said they received? they said that they haven't created enough jobs. they haven't done enough to grow the economy. that's it?
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that is what you got out of? ? i mean -- mr. president, let me help you out on something. okay? i know this is a hard concept for you to get. but here it is. ♪ ♪ >> glenn: you don't have any more. if you are waiting for more, that's pretty much it. no, that's it. what? let's go! ♪ ♪ >> glenn: hello, america. i have told you in the past.
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watch the other hand. the same is true right now in an unbelievably staggering level. everyone is watching the election and talking about it. it's great. it is historic. do you realize what you accomplished last night? do you realize two years ago i had to get on this television show and say you're not alone, it's not just you. really, gather together. as groups, get together. you should do something! look what you've done! the republicans are getting another crack at it. whether they get it or not, i don't know. they get another crack at it and g.o.p., you should just know, now your real hard work begins and the american people are not going back to sleep. they're not playing a game here. they're awake. wide awake. they think the country is on fire. if you don't get it this time, this will be the last time you have an at-bat, i'm guessing. everything is talking about
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it. there are real things to talk about. i can't help but this it is more like political theater. more like political theater. more honestly like i'm a tea party gal and i just got a lot of votes for the new tea party people. "i'm the establishment, and i'm coming to get you." "ahhhh!" it feels like we're watching a puppet show. nothing seems real to me right now. while everyone is watching the action happening here in the forest, who does the public belong to. who is up above the stage? who hands are these? who do the hands belong to? what are their real intentions? why is this going on right now? i'll show you the hands next week.
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i don't think he is going to the like when we show the hand. what is happening behind the scenes is much more important than what we ever show on stage. today it is so wide-reaching that it will not only affect your daily life, it will affect your children and your grandchildren's lives. today is a historic day. not because of, not because of the elections. that's big! but the fed announcement. i want to show you something over here. this is built for a show we're doing on friday. this is day number one. day number one when somebody says, maybe it's china, i don't feel like the united states is actually going to be able to come true with those bonds. i don't -- i don't think i want to buy the u.s. treasuries anymore. it will take you 15 days and we're going to lay it out for you on friday. 15 days before your life is over.
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what you believe. everything you know. food, job, the economy, the government, everything. 15 days from the moment of hmm, china is not going to buy any more bonds, to lights out, america. that is staggering. i'll show it to you on friday and show you the pieces. it's a puppet show. amazing puppet show. how do you start a panic like th that? well, when you devalue the dollar so much people say i don't think it will be worth anything anytime. i don't think it's any good. if you devalue the dollar or keep spending money. then you start to spend it. this is the fed, they announced they'll buy
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government debt and bye treasuries -- buy treasuries themselves. let me show you something. when the fed says they want to buy it, this is an iou. this is a federal reserve note. says it at the top. federal reserve note. this is the fed promising you they will give you a dollar of gold. it used to be gold or silver. not anymore. they are going to buy the fed, $600 million. this is quantitative easing. i know what you're thinking. i'm sure my neighbors don't know what quantitative easing is. here it is. simple definition. the government buys stuff to stimulate the economy. okay. you're now thinking that's not new for this administration. you'd be right. but there is a difference here. quantitative easing of this kind, where we are buying our own debt and printing the
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dollars to be able to buy that debt is really the last bag of anti-biotics. if you ever see, if you have ever thought maybe there is a chance you could catch a flesh-eating bacteria and you're up in the middle of the night going i think i had that, and you're online. not that that's ever happened to me. at one point the nurse starts to up the anti-biotics. she comes in and she's like i'll put this here and why don't you jam it in your own arm, okay? why? that is the last line of defense. the big dog anti-biotics. once those anti-biotics don't work on you, bye-bye. after stimulus packages, that's like i don't know, amoxicilan. reducing bank interest rates to zero or close to zero,
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we're out. nothing less. here comes the nurse with a bag of really strong anti-biotics. what does it tell you? that obama's keynesian philosophy of spend our way out won't work. we need to reset ourselves. this the hail mary, the final spending attempt. the last line of defense or as i called it around warned you that it was coming. i've been telling you that it would be the weimar republic moment. it's largely unconventional and untested. sure, zimbabwe tried it. a huge gamble. probably the biggest bet in history and the biggest bet in the history of our planet. but all the chips are yours. here is how it works. right now we have a problem with jobs. one reason that we don't have jobs is we don't make
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anything here anymore. why don't we? pensions is one reason. you have can't make stuff in america because it costs too much. right now we have the union bosses here. they want their pensions. they want to make sure that the pensions are paid for. the union boss goes to uncle sam. notice he has cash in his hands. what is the union boss giving to uncle sam? let's use a small -- i'm sure this didn't happen to the tune of god knows how much. let's use the union and harry reid. we'll get you elected, harry reid. the cash and we'll help you get elected. he takes the votes and goes to congress and says we need more stuff. it doesn't matter what it is. it's pensions or whatever. we need more stuff. but the american people say we don't have any money for
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stuff. don't worry, we'll borrow the money. bonds. bonds. remember, what is this? this is an iou. remember that. iou. don't worry, we are going to borrow it so we can buy stuff. we borrow it. where do we get? this is who is the bank? chinese. here is the problem. chinese say you know, i don't think so, guys. this is junk bond status. i don't think you'll pay us back because you're spine lest and you are in bed here and the system is corrupt. i don't think your country is going to make anything anymore. so i don't think we're going to buy your bonds. that is what they are afraid will happen.
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we are going to pay 10%, 15%, 20% in profits, just take a bet on us, will you? like a credit card, if you are a bad client, they jack the interest rates. they're afraid that is coming. it is coming. china won't give us more money. what do we do? instead of being reasonable and having this guy go back and saying you know what? no. we can't do any of that. instead they're going to bypass the chinese and they're going here. these are the bankers. i thought we hated wall street people and banks and all the guys. they're evil, right? no, no, no. this is the fed. what is the fed? don't worry. just a collection of the big bankers. goldman sachs. we don't know for sure because we're not allowed to look. that sounds honest. go to the bankers and they say don't worry, we'll go to treasury an print more money.
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we will take this off the printing press and buy the bonds so you can help out. the unions. fantastic. you know what that leaves us? extra broke. it leaves us with nothing in the end. that's why ben bernanke under oath -- we pointed this out and said not true. he doesn't mean it. under oath this is what he said about monotizing our debt, printing cash and buying our debt. here is what he said. >> the federal reserve monotize the debt? >> the federal reserve will not monotize the debt. >> glenn: uh-oh! why did i say remember what bonds are? what are they? bonds are ious. this is not money. anyone who says don't worry about social security, there is plenty. we have treasury bonds in the lock boxes.
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oh! okay, great! let's send a bunch of these to grandma and grandpa so they can go to the grocery stores and grab the groceries. when we get to the cashier, go ahead. have grandma pay with the bonds. you can't. why? this is a voucher. otherwise known as iou. you go to the bank and turn it into a bank. the bank gives you a federal ereserve note. the federal reserve note is the promise from the federal reserve this is worth what it's always been worth. is this sounding like monopoly? you can't writeious to yourself. but that's what we're doing. what does it mean? that the $will be -- the dollar will be worth less and eventually be worthless. bill gross who manages the world's largest mutual fund
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quantitative ease willing put your dollar in danger of losing 20% of its value. if you have 10,000 in your savings account, congratulations. when they're done, if it all works you will have $8,000. if you were responsible and said i'm saving up $200,000 for retirement. not anymore. you are going to lose $40,000. that is if it goes well. if it doesn't, i don't know. they haven't tried it before. this is untried an unconventional. do the math. bernanke says we will not monotize our debt. then we mo notize our debt to the tune of 1.7. barack, did you get this? government doesn't create jobs. people, businesses, entrepreneurs create jobs. we are not going to monotize
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the debt. then they monotize $1.7 trillion since 2008. that was the first time around. today they announce $600 billion while we were watching the puppet show. $600 billion more monotization. but it's also not just that. the fed plans to reinvest another $250-$300 billion or so on top of the $600 billion. $2.5 billion printed up. so you know, when i started talking about there, there were $800 billion in the entire cash flow in the united states and the world. u.s. dollars, $800 billion. we've just printed $2.5 billion. that's if they are selling the truth. we have can't check the fed's books because they say it would really, it wouldn't be good for the market. it might dishearten the market. why? we know what you say you have done, show us the books and show it's how much you
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printed. all of this happens by the end of the second quarter of 2011. wow! that's not very far away. why would anyone want to do that? why? why would you have this meeting? why would you make an announcement so staggering on the day after a huge election. when a puppet show is going on. help, he is going to devalue our dollar. ahhh! why would you do that? the financial times said that thisqe2, what they're doing, one of the biggest decisions they've made in decades. shouldn't we talk about it as a nation? no. we have to watch the puppet show of the elections.
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maybe we should talk to the puppet master. what is he doing? you know, the guy on the other end of barack's blackberry, i'm sure. what is he doing? why would he do this? first, let's see what he doing in his own words. >> the inevitable decline of the dollar is desirable. >> glenn: orderly decline of the dollar is desirable. oh, orderly. managed decline of the dollar. remember, you have $200,000 in the bank. you just lost $40,000. that is a decline in the dollar. that is weird! what he said is almost exactly what the fed is doing here. anyhoo, do you remember when everyone was freaked out amero. the kooks, amero is coming and going to make a north american union and have -- really?
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really? i remember when i was a small thinker, too. i got to do the amero. george soros, we are looking at the global order. new world order. you have russia, china, people all over the world saying one new global currency. how do you get there? how would you do that? you can't give mexico the dollar. their peso is -- please! really! it would cost you more to use it as wallpaper. the glue would be more expensive. you couldn't do that. wouldn't be fair to us. same thing happened in europe. same thing with the euro. they had to equate all the currencies. it wasn't worth the lira worthless and germany with a big booming economy. they would have been carrying italy. they had to brink italy up to turn them all to one. that way, the country with
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the highest valued currency wouldn't get the shaft and take a massive hit in value. you have to level the playing field. but progressives have been trying to lift the world out of poverty themselves. that's why we're sending foreign aid. the policy failed miserably time and time again. well, you could keep trying that. or you could do that and have a managed decline of the dollar. we could shift our wealth overseas, like global cap and trade or anything like that. shift the wealth overseas or buy all of their stuff so the dollars don't stay here. bring it there. then we could manage the decline of the value of the dollar. i'll show you how this story ends. this a minute. -- in a minute. ♪
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>> glenn: it is me, spooky dude. i am clip-clopping to your house. little pig, little pig, let me in. "not by the hair of your chinney chin-chin." as we are watching the little puppet show, as we are talking about things that really do have importance. things, what happened yesterday in the election? it was huge. but what is happening today with the fed, will change everything. we are living in a dangerous time. you have to know, do we watch the show, or do we look for the puppet master? the window of opportunity is closing. the chance of creating a utopian new world order. let me say it like "new world
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order. spooky! andy stern articulated the goal himself. here he is. >> in the past, workers of the world unite was ideological consideration. it's now practical. >> it's now practical. communism. workers of the world unite. how do you do this? watch the show on friday. dvr friday and next week. the way they achieve this is by dragging america down. we are the richest country on the globe. we know how the progressives of the world view the top 1%. well, we are the ones that are the -- we are the oppressors. they need to take it. your money. the money in your bank account is being destroyed, devalued. the rich are getting richer. this is the biggest heist in
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human history and it's happening while you are at the theater. they are taking your money. it may be a 20% tax hike. who is getting the money? where is it going? ask the puppet master. we don't understand it, because you tell your friends this is going on and most people say what difference does it make? they have never had anything but the dollar and the dollar has always been the gold standard for as long as any of us can remember. we're the standard bearer. but let me take you to iceland. a story that happened a couple of years ago. when this happened, i really -- i couldn't relate to this. but we have to understand this kind of situation can come our way. here is mcdonald's in iceland. they couldn't keep their doors open in iceland. why? they couldn't afford to buy the meat on that burger, or the fish. they couldn't do it.
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because they had a collapse of the monetary system. their dollar. you can relate to this real soon. what happened was the carona, the dollar collapsed, the currency collapsed. they could no longer to import the meat and cheese and everything else, because they don't make the meat and cheese over there. they had to buy it from another country. if their dollar isn't worth anything, crona isn't worth anything, what do they buy it with? that is what they had to figure out. they had to close the doors because they couldn't buy the meat some place else. the they want to keep the doors open, then iceland needed something of value to sell in exchange for euros, dollars or anything else. the rest of the world looked and said yeah, i got this but it's not worth anything. we don't want it. well, okay.
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want some ice? they had to come up with something. that was not an orderly decline of their currency. what we have is orderly decline. when the dollar is finished it will be as valuable as maybe the peso. i don't know. it will all be fine, though, because the puppet masters have it all worked out. ben bernanke, this has never been done before in history, but they'll get it right this time. when the dollar starts to decline, what does the world want to trade with america. make solar panels? no, that's china. independentia can make them cheaper. cars, no. don't do that anymore. there is only one thing that america manufacturers, can you name it, only thing america manufacturers that the world must have. the dollar. the dollar.
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they all want the dollar. it is the reason we have the wealth we do today. once we devalue this, nothing is left. it is the final bubble. i am begging you, begging. next year, i am going to -- we are going to, i feel like barack obama. we are going to, the seas will recede and the skies will open up. next year, we are going to empower you to not live because this is coming down. cnn didn't see it and look how they got their butts handing to them last night. everything is changing. i beg you, educate yourself. take the 40-day and 40-night challenge. please, prepare for the worst and hope for the best. you remember this chart i showed you yesterday. this chart, this is what is coming, gang. whether you like it or not.
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this red line is the price of the raw materials, the commodities. this is price of the groceries in the store. do you see what happened here? this price has gone way up. this isn't counting what he did today. this is going up. the blue line, price of groceries is going up. please, prepare for rainy day. you are going to lead the way out. senator greg said today these words. >> this nation is on a course, where if we don't do something about the federal situation, fiscal policy, we're greece. banana republic. our status as a nation is threatened by what we have coming in the area of deficit and debt. only a you few more years at the most we have to work with before the market says sorry, the currency is not something we can continue to defend. >> glenn: you're iceland. don't miss friday's show. he made the statement the
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same day the fed announced we're monotizing $600 million or of our debt. leave you here with a moment of what it must be like to be greece today.
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i'm patti ann browne. post election news conference today, president he's eager to sit down with leaders of both parties to
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figure out how to move forward direction and says no one party can dictate the direction the country goes next. and said they will compromise on tax cut and energy policy. dow closed up slightly after the federal reserve announced plans to buy $600 billion in more to stimulate the economy and said it would by more a month in long-term government bands and leave interest rates unchanged. for more, visit glenn beck returns in a moment. first, bret baier with preview of "special report." >> bret: we have a single sponsor and limited commercial interruptions to bring you the post election news. join me in 24 minutes. get popcorn ready for "special report" now. back to glenn. ♪ ♪ >> glenn: america, do you
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realize what you did yesterday? do you know who you were against yesterday? every special interest, every giant, everybody! i mean this was david versus goliath. you had a rock and a slingshot. look what you did. it was a bloodbath for democrats last night. it was historic. it was mandate against the fundamental transformation. a loud clear stop! stop spending, stop the government intrusion, stop! i don't care who did it. i don't care what you inherited. i don't care. when i woke up, the house was on fire. i'm awake now. just stop what you're doing. that's what this was. you sent a clear message. whether they get it or not is irrelevant. because you're not going back to sleep. they will tell you now. oh, no, you can't do it here. the tea party. really? when thatry going to wake up?
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they are the ones asleep now. allen grayson, glad you can spend more time with your family. rain clouds were dotting the sky last night. look at the progressive, which were able to survive somehow, some way. i want to look at maybe the people two helped them survive. let's look at harry reid. somehow harry reid pulled this off. could it be that the unions dragged people to polls to elect him? they spent $2 million to get them elected. that is what they said. some say if you add it up, everything they spent, it will add up to $1 billion in this election, mid-terms.
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i don't care it's $200 million or $1 billion, you think they are expecting something in return? that really want to keep harry reid in office. he received $40ed,000 we know from the union pacs. he was the largest recipient of union cash. what harry going to do for that company? you don't suppose they'll encourage him to bring up the wildly unpopular card check, the open union up, do you? no. he vowed to bring the dream act up in the lame duck session. legislation would provide a path for citizenship for illegals and provide the union members for unions. c'mon, mr. snotty face. you're just upset.
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i'm not saying the unions got harry reid re-elected. let me show you an exit poll. this is exit poll. anyone in the household belong to union? reid or angle? it's 67-29%. so harry only had small margin of 67-29 edge with union members. he's his own man. what happens in vegas stays in vegas. not true. what happened in vegas is headed to washington. nightmare on jerry brown street part two. just when you thought it was laugh at governor moonbeam comes the sequel. he will stimulate clean energy jobs he says. they could do it with the hollywood porn movies they're making. develop 1200 megawatts of localized energy by 2020.
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that is such a good idea we should look in the details of that moon beam. invest in infrastructure and create construction jobs. government can create them. increase manufacturering jobs and, of course, california believed him. by the way, the pot thing didn't pass. don't you have to be high first to elect him? in california, he was governor from '75-'83. he said this. watch this. >> you can run for office and the assumption is you know what to do. you don't. i don't have a plan for california. clinton doesn't have a plan. >> you said you had a plan for california but you lied. >> you say you will lower taxes and put people to work and improve the schools. stop crime. schools are worse. taxes are higher. be real! >> glenn: he's bluffing. he is telling you he has no
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clue. and yet, he is new. elect governor brown. are you out of your mind? you don't suppose he'd support cap-and-trade legislation for nuts in california, do you? more on california and labor unions next.
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>> glenn: i have to tell you, i'm excited about what happened last night but this is the ebeginning. fighting is in rounds. this is round one. i told you about the contribution the labor unions made in the election. they will want payback. i would like to thank california for giving us back senator ma'am. barbara boxer. recipient of $344,000 from the labor unions. unrelated she's strong supporter of the employee free choice act which would allow workers, not employees to choose organizing a union. she also opposes the right to work legislation to allow people to refuse to pay the union dues associated with the benefits from collective bargaining. that is great. in kentucky, what a surprise! siu, pals helped out dick. senator dick blumenthal from
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connecticut. he won't be trouble. these are not the everyday democrats that won last night, the everyday democrats behind the scenes. they have help from allies. this is from one of the communist party usa describing a couple weeks ago what is happening right now. >> glenn: these angry communists, right winger got out and built themselves a tea party for purpose of pushing the country back. but the development of the right wing movement is a sign of weakness collapsing from the american capitalism and not a sign of its strength. >> glenn: that is why i'm not
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a communism. i never understand them. it's a sign of america fighting back against the new wave of communist and their allies. that's what it is. there are, if i may in the puppet show. i teem republican -- i'm the democrat. we're fighting each other. that's the puppet show you're watching. behind the scenes, progressive and the allies with a left wing agenda. you already have. celebrate what you've done. two years ago, celebrate i had to tell you what was going on. square your shoulders. you changed the direction of the country. they'll make you believe you haven't. you have. but now you have to roll up your sleeves. i have talked to congressman michele bachmann on the radio show earlier in morning and
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she is putting together a constitutional caucus in congress. she says maybe we should learn the constitution and teach it. before we go to every vote. hold them together on the constitutional ideas. that is an idea that would work. how do i know? that is what the progressives did. the tea party are the constitution, is the opposite of the progressives. please. call your new members of congress and say please, i'm begging you. get in with the values and principles that any common american can sign up for. suggest they get on board. call them and make sure they are in the caucuses and have them hold together. there are a lot of forces. it's jimmy stewart and mr. smith goes to washington. they're in trouble. now we have to watch their back and help them.
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in a minute i come back and i'll show you what america looks like if we don't change our ways. get ready to shock the system. we can bring it back to life next.
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>> glenn: last night was historic. your voice has been heard loud and clear. and getting up. getting people into office, believe it or not, is the easy part now. what do these people do? that's what matters. i wrote this book, has taken me a year to write it. called "broke." one of the things i talk about in here that really a year-and-a-half ago seemed nuts, ironically it's becoming part of the debate. they talked about it last night and it has to do with the catch story debt limit. in 1940, the debt limit, amount of bonds -- remember the chart here? the bonds that the government can issue and sell to the chinese or anybody else. authorized to sell, $443 billion. that wasn't enough. started going up. this is 2000. look at the straight line up. congress authorized it to go
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higher and higher and the debt ceiling is $14.3 trillion. 291 times larger than the original limit. since obama took office, the debt limit has been raised three times. usually it's routine. bill goes before congress and they pass it. the last time not one republican in congress voted to improve the increase. not one. it pegs the question. were they positioning themselves, trying to win an election or did they mean it? what would happen if the republicans were to ban together and block the treasury from issuing more debt? a year ago i was writing the book and got the experts together. it asked them what happens? the consensus was in the short term we'd be unable to issue new debt and spending would be slashed.
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the markets around the world would panic. maybe saying no would send message to everyone the is no more money. maeb more importantly like an individual that loses the job or is forced to declare bankruptcy, it would force a conversation about our priorities and how they should be funded. read about it in "broke." real ideas and solutions. not political solutionsm available in bookstores everywhere. don't miss friday's program when we outline this scenario. what happens when nobody buys our debt anymore?
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Glenn Beck
FOX News November 3, 2010 4:00pm-5:00pm EST

News/Business. (2010) New.

TOPIC FREQUENCY America 9, California 7, Glenn 6, Harry Reid 6, Iceland 5, China 5, Us 5, Iou 4, Washington 3, United States 2, Nation 2, Obama 2, Ben Bernanke 2, Greece 2, U.s. 2, Glenn Beck 2, Sam 2, Russ Feingold 1, Jerry Brown 1, Goldman Sachs 1
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